Trump Tax Outline Would Cost Trillions and Benefit Wealthy

Tax "reform" is likely to be the next major Republican agenda item after failing (for now) to take away healthcare from millions of Americans.  There will be much to learn and analyze about on this topic as House and Senate bills are written, (potentially) debated, and voted on.  

For now, what we have is Trump's tax outline released in April 2017.  It benefits the wealthy, harms the middle class, and greatly increases deficit spending.  It's difficult to fathom how he and the Republican party get anywhere close to 50% of the vote.

A tax plan that’s consistent with the proposal the White House released in April would lower federal revenue by trillions of dollars over 10 years and largely benefit wealthy taxpayers, according to an analysis from the Urban-Brookings Tax Policy Center (TPC).

The tax cuts described in the administration’s outline would cost $7.8 trillion over 10 years...  TPC’s findings suggest that the White House would need to make significant changes if it wants its tax bill to be revenue-neutral and follow the so-called “Mnuchin rule” that there be no net tax cut for high earners.

Every income group on average would see a tax cut, but almost half of the aggregate net tax cut would go to taxpayers in the top 1 percent of income.  “Tax cuts suggested by the administration, even offset by significant tax increases, would disproportionately benefit high-income households while substantially increasing the federal deficit,” TPC senior research associate Joe Rosenberg said on a call with reporters.

Administration officials have said they hope to release the more detailed plan in September.

We'll be paying attention, staying informed and being Smart so we can actively Dissent.

Source: http://thehill.com/policy/finance/341651-trump-like-tax-plan-would-cost-trillions-analysis 

Learn more: http://www.taxpolicycenter.org/publications/what-known-about-donald-trumps-tax-plan/full